Topic: Visa won't process Bitcoin & cryptocurrency transactions - page 3. (Read 615 times)
Crypto currency is in the world increasingly strong positions and it causes concern of many companies including the Visa. But the process of the financial revolution has already been launched and it can not be stopped.
The largest cryptocurrency, bitcoin, is a commodity and not a payment system, according to Visa’s chief executive. Visa will also not give bitcoin or other cryptocurrencies a platform for wire transfers and exchanges. “I don't view it as payment system player,” CEO Alfred Kelly told CNBC.
“We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” he added. Visa is the world's largest credit card company.
Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices.
https://www.rt.com/business
I believe the C.E.O of Visa company according to the laws of the United state of America. Its a fact that they may not allow their company to process Bitcoin and other cryptocurrency transactions but that cannot stop cryptocurrencies from trending. There are other means implemented already and those yet to be implemented which would give people the platform to trade in cryptocurrencies “We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” he added. Visa is the world's largest credit card company.
Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices.
https://www.rt.com/business
stopped reading at
Quote
according to Visa’s chief executive.
The creator of bitcoin created it as decentralized ; geographically accessible breaking national boundaries; without any control over it. The purpose was p2p platform for transactions.
But the speculators converted this currency into one instrument (commodity) and with the entry of speculators; the price of bitcoin surprisingly rise to unbelieveable heights.
So honestly speaking; the chairman of Visa when says that bitcoin is commodity not currency; he is not 100% incorect. Because it is being used as a source of investment so it is not currency but it is commodity.
But time may change in future and the bitcoin may again be used for the purpose for which it was created i.e. transacting for monetary payments only instead of speculators making it dance at the directives of speculators.
But the speculators converted this currency into one instrument (commodity) and with the entry of speculators; the price of bitcoin surprisingly rise to unbelieveable heights.
So honestly speaking; the chairman of Visa when says that bitcoin is commodity not currency; he is not 100% incorect. Because it is being used as a source of investment so it is not currency but it is commodity.
But time may change in future and the bitcoin may again be used for the purpose for which it was created i.e. transacting for monetary payments only instead of speculators making it dance at the directives of speculators.
haha, this was a very funny news. thanks for sharing it. i don't know how i missed it since it is quite old too.
it is mostly funny because in my head it is like a small food truck (Visa in this case) talking about McDonalds (imagine bitcoin) and say they won't buy hamburgers at McDonals ever.
who gives a shit if Visa is going to process cryptocurrency transactions or not. they don't need Visa at all.
it is mostly funny because in my head it is like a small food truck (Visa in this case) talking about McDonalds (imagine bitcoin) and say they won't buy hamburgers at McDonals ever.
who gives a shit if Visa is going to process cryptocurrency transactions or not. they don't need Visa at all.
It can be their current position to crypto, but in the situation when the whole banking system will have to change due to involving crypto in everybody's everyday life VISA or MC or others will simply have not a way and they will have to be plastic with all this modern terms and requirements.
So wouldn't a visa transaction to a usd wallet on an exchange be a fiat transaction
Yes it would, especially if the exchange is based in the US. Visa is located in California, so they should obey their state laws and in this state there's a bill already being constructed that will legalize cryptocurrencies and allow for government records to be kept on the blockchain. I wonder what will Visa say when this bill passes.
Maybe they're against people buying BTC on credit, which might be an additional risk to them, but with such attitude they should also block all the legally operating casinos and not allow people to buy chips.
The largest cryptocurrency, bitcoin, is a commodity and not a payment system, according to Visa’s chief executive. Visa will also not give bitcoin or other cryptocurrencies a platform for wire transfers and exchanges. “I don't view it as payment system player,” CEO Alfred Kelly told CNBC.
“We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” he added. Visa is the world's largest credit card company.
Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices.
https://www.rt.com/business
“We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” he added. Visa is the world's largest credit card company.
Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices.
https://www.rt.com/business
What the Visa Company said was true. Actually bitcoin right now is not yet functioning truly as a currency. And it is also true that the majority of bitcoin holders are treating bitcoin as a commodity rather than as a currency. But sooner or later bitcoin will be treated as a currency, and right now we are slowly walking on that path. It maybe will take years but we will reach that goal.
Visa is like a fool, they will be replaced by XRP. The BTC and altcoin transactions do not require Visa. Visa does not understand the big trends in the blockchain, and I think they will eventually be eliminated.
Visa and Mastercard are the only 2 universal business entities that can create its own money system should there is a "single currency" worldwide.
Bitcoin and blockchain ignored the use of debit and credit cards for digital payments. Now Bitcoin is last in the line for digital money.
Visa is like a fool, they will be replaced by XRP.
The BTC and altcoin transactions do not require Visa.
Visa does not understand the big trends in the blockchain, and I think they will eventually be eliminated.
The BTC and altcoin transactions do not require Visa.
Visa does not understand the big trends in the blockchain, and I think they will eventually be eliminated.
I don't think that a decision would anywhere be affecting the Bitcoin or even the cryptocurrency market. The process of revolution has started long ago and now cannot be stopped irrespective of the multiple attempts from the existing giants. These companies can definitely stop people from transacting in Bitcoin through their platform but they cannot stop people from using Bitcoin all cryptocurrencies at all. They have full right to defend their soil but I don't see any value in these attempts.
Excellent news!
Visa is a competitor to Bitcoin. We want them to get out of the way! Bitcoin and crypto currency was created so we don't need to use Visa...and get charged their outrageous fees for using their payment system.
Ripple is set to replace Visa for business to business transactions.
The reality is that low cost and faster transaction times will win. Visa can't compete, so they criticize.
Visa is a competitor to Bitcoin. We want them to get out of the way! Bitcoin and crypto currency was created so we don't need to use Visa...and get charged their outrageous fees for using their payment system.
Ripple is set to replace Visa for business to business transactions.
The reality is that low cost and faster transaction times will win. Visa can't compete, so they criticize.
So wouldn't a visa transaction to a usd wallet on an exchange be a fiat transaction
The largest cryptocurrency, bitcoin, is a commodity and not a payment system, according to Visa’s chief executive. Visa will also not give bitcoin or other cryptocurrencies a platform for wire transfers and exchanges. “I don't view it as payment system player,” CEO Alfred Kelly told CNBC.
“We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” he added. Visa is the world's largest credit card company.
Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices.
https://www.rt.com/business
“We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” he added. Visa is the world's largest credit card company.
Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices.
https://www.rt.com/business
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